HM Treasury News Release
151/97

2 December 1997

THE RESERVES IN NOVEMBER 1997

The overall level of the UK's official reserves rose by $1 million in November, bringing the end November reserves to $38,570 million (£22,897 million⁽¹⁾), compared with $38,570 million (£23,005 million⁽²⁾) at the end of October.

The underlying change in the reserves was a rise of $16 million.

The underlying change excludes a number of factors which are included in the total change:-

• There were repayments of borrowing under the Exchange Cover Scheme of $14 million
• HMG ECU Treasury Bills maturing exceeded issues by $1 million

	$ million
End November reserves	38,570
less
End October reserves	38,570
OVERALL CHANGE	1
less adjustments	15
UNDERLYING CHANGE	16

Note: Figures are subject to rounding

Notes to Editors

1. The underlying change is the result of a variety of transactions, both debits and credits, including, for example, transactions for Government departments, transactions with other central banks, and interest receipts and payments. For these reasons, the underlying change should not be taken as an indication of market intervention.

2. Because there is a two day settlement lag in the foreign exchange market, the November reserves figures include transactions for the last two working days of October and exclude operations in the last two working days of November.

3. The above figures can also be obtained from the Reuters Monitor (page TREA), Bridge News (p 170), Telerate (p22494) and Topic (p6800).

4. Repayments under the public sector Exchange Cover Scheme in October were as follows:-

Organisation	$million
BNFL	5.3
Strathclyde Regional Council	4.3
Lancashire County Council	1.1
Newcastle County Council	0.9
Clwyd County Council	0.5
Other smaller repayments	1.9
TOTAL	14.0

¹ When converted at the closing market rate of £1 = 1.6845 on 28 November 1997

² When converted at the closing market rate of £1 = 1.6766 on 31 October 1997